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Import prices down for 1st time this year amid letup in oil prices

All News 06:00 May 13, 2022

SEOUL, May 13 (Yonhap) -- South Korea's import prices dropped for the first time this year as prices of crude oil and other commodities declined, central bank data showed Friday.

The import price index inched down 0.9 percent in April from a month earlier, according to the preliminary data from the Bank of Korea (BOK).

The decline came as international crude oil prices fell in April from a month earlier.

The prices of Dubai crude oil, South Korea's benchmark, stood at US$102.8 per barrel on average last month, down 7.3 percent from the previous month, the data showed. The fall contrasted with a 20.1 percent on-month jump in March.

Oil prices have stayed high, driven by the ongoing war in Ukraine. April's average crude oil prices were 63.4 percent higher than a year earlier. South Korea depends heavily on imports for energy needs.

Import price movements have been closely monitored as a rise will add to price pressures at a time when the Seoul government is striving to tame inflation.


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